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PJSC Magnitogorsk Iron and Steel Works: MMK Group -2-

04/21/2021 | 03:07am EDT

OF MMK GROUP

                ? In Q1 2021, CAPEX decreased by 38.0% q-o-q to USD 142 mln, following the project implementation 
                  schedule, and grew 9.2% y-o-y. 
 
 
                ? The increase in export sales and inventory stockpiling ahead of the construction season driven by 
CAPEX AND         higher steel prices resulted in a USD 360 mln working capital build-up in Q1 2021, with the net 
CASH FLOW         working capital to revenue ratio for Q1 2021 rising by 1.9 p.p. to 12.0%. 
 
                ? FCF for Q1 2021 remained flat quarter-on-quarter at USD 125 mln, as a result of an increase in 
                  working capital. FCF increased by 8.7% year-on-year. 
                ? The Group's total debt for Q1 2021 was USD 955 mln, down from USD 970 mln in Q4 2020. The Group's 
                  debt slightly grew year-on-year from USD 899 mln. 
 
DEBT            ? As of the end of Q1 2021, the Group held USD 810 mln in cash and deposits in its accounts. 
BURDEN 
                ? The Group's net debt as of the end of Q1 2021 totalled USD 145 mln, while its net debt/EBITDA ratio 
                  was 0.08?, one of the lowest among leading global steelmakers. 
Dividends       ? The Group remains committed to its dividend policy and previous statements. Considering that CAPEX 
                  for the year will exceed the normalised level, and given our high margins, the Board of Directors is 
OF MMK GROUP      convinced that the Group sits in a stable position and can recommend the shareholders to approve the 
                  payment of a dividend of RUB 1.795 per share (212% of FCF for the quarter) for Q1 2021. 
 
                ? The favourable conditions in global markets coupled with seasonal growth in demand in Russia will 
                  positively impact the Group's sales in Q2 2021. In May 2021, the reverse Cold-Rolling Mill 1700 is 
                  expected to be commissioned. Given our 100% utilisation rate of premium products facilities, we 
                  expect to see a further improvement in the structure of the Group's sales portfolio. 
 
                ? The start of the construction season in Russia along with positive dynamics of global steel prices on 
OUTLOOK           the back of the remaining deficit in international markets will support the growth of MMK Group's 
                  steel product prices in Q2 2021. 
 
 
                ? CAPEX for Q2 2021 is expected to grow q-o-q, in line with the implementation schedule for projects 
                  pursued under the Group's strategy. 
 
                ? Operational excellence initiatives under our updated strategy will further boost the Group's 
                  profitability in Q2 2021. 
                MMK Management will hold a conference call to discuss these financial results 
 
                  ? Date: 
CONFERENCE CALL     21 April 2021 
 
                  ? Time: 
                    4:30 pm Moscow time 
                    2:30 pm London time 
                    9:30 am New York time 
              Russia          UK                USA 
Local access  +7 495 213 1767 +44 330 336 9125  +1 929 477 0402 
Toll free     8 800 500 9283  0800 358 6377     888 204 4368 
                ? Conference ID: 
 
              in Russian - 9577666 
              in English - 2042374 
 
                ? Webcast: 
                  To register for the webcast, please use this link. 
              The call recording will be available for seven days on the following numbers: 
              Call recording ID: 
              in Russian - 9577666 
              in English - 2042374 
              Russia              UK               USA 
Local access  8 10 800 2702 1012  +44 207 660 0134 +1 719 457 0820 
                ? A presentation of the financial results and the IFRS financial statements can be found at:  http:// 
                  mmk.ru/for_investor/financial_statements/ 
 
ABOUT MMK 
                                                                                                           Please 
MMK is one of the world's largest steel producers and a leading Russian metals company. The Group's        subscribe to 
operations in Russia include a large steel-producing unit encompassing the entire production chain, from   our 
the preparation of iron ore to downstream processing of rolled steel. MMK turns out a broad range of steel official MMK 
products, with a predominant share of premium products. In 2020, MMK produced 11.6 mln tonnes of crude     channel on 
steel and sold 10.8 mln tonnes of commercial steel products.                                               Telegram 
                                                                                                           to be the 
??K is an industry leader in terms of production costs and margins. Group revenue in 2020 totalled USD     first to 
6,395 mln, with an EBITDA of USD 1,492 mln. MMK boasts the industry's lowest debt burden. Net debt/EBITDA  know 
ratio was -0.06? at the end of 2020. The Group's investment-grade rating is confirmed by the leading       about key 
global rating agencies Fitch, Moody's and S&P.                                                             MMK news. 
MMK's ordinary shares are traded on the Moscow Exchange, while its depositary receipts are traded on the 
London Stock Exchange. Free float amounts to 15.7%. 
 
INVESTOR RELATIONS 
DEPARTMENT 
+7 915 380 6266 kryachko.vs@mmk.ru KEY UPCOMING EVENTS IN 2021 
                                   Financial calendar 
ESG 
DEPARTMENT                         27 April      Integrated Annual Report 2020. 
Yaroslava Vrubel                   27-28 April   Non-deal roadshow (NDR), online 
+7 982 282 9682 
vrubel.ys@mmk.ru                   17-18 May     WOOD Prague Spring Simposium: ESG, online 
                                   18-20 May     BofA Global Metals, Mining & Steel Conference, online 
COMMUNICATIONS DEPARTMENT          19-21 May     Sberbank CIB Annual Investor Conference, online +7 985 219 2874 kuchumov.do@mmk.ru Oleg Egorov +7 903 971 8837 egorov.oa@mmk.ru ----------------------------------------------------------------------------------------------------------------------- 
ISIN:          US5591892048 
Category Code: QRF 
TIDM:          MMK 
LEI Code:      253400XSJ4C01YMCXG44 
Sequence No.:  100178 
EQS News ID:   1186937 
 
End of Announcement  EQS News Service 
=------------------------------------------------------------------------------------
 
Image link: 
https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=show_t_gif&application_id=1186937&application_name=news 
 

(END) Dow Jones Newswires

April 21, 2021 03:06 ET (07:06 GMT)

Stocks mentioned in the article
ChangeLast1st jan.
DJ INDUSTRIAL -1.78% 33970.47 Delayed Quote.13.00%
LONDON STOCK EXCHANGE PLC -2.12% 7840 Delayed Quote.-12.97%
PJSC SBERBANK -1.24% 327.61 End-of-day quote.20.84%
QRF -1.32% 11.25 Real-time Quote.-0.88%
RTS INDEX -2.08% 1704.8 Real-time Quote.22.90%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) 0.26% 73.365 Delayed Quote.-1.33%
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